HFF Facilitates Sale of High-End Office Asset in Silicon Beach
- Oct 04, 2016
Santa Monica, Calif.—A high-end office asset located in the Silicon Beach market has recently been purchased by Douglas Emmett Inc. The buyer paid Equity Office Properties Trust a total consideration of $139.5 million, according to real estate data provider Yardi Matrix. A three-year, $56 million bridge loan was taken out for the acquisition of the property.
The transaction was arranged by an HFF investment sales team led by Senior Managing Directors Ryan Gallagher and Michael Leggett, as well as Directors Andrew Harper, Tim Geiman, and Analyst Michael Matchett. The company also handled the marketing aspect and procured the buyer.
Located at 233 Wilshire Blvd. on a 0.9-acre site, the trophy office building offers 128,935 square feet of space. Its downtown Santa Monica location, with proximity to the 3rd Street Promenade and retailers such as Nike, Apple, Tesla, Lululemon and Bloomingdale’s, offers a very attractive setting. The Class A office asset also features ocean and mountain views, renovated lobby and common areas, and an underground parking facility that accommodates up to 385 vehicles.
The tenant roster at the nine-story building includes names such as Luther Burbank Savings, Tunnel Inc., Hirschfeld Kraemer LLP, GoodRX Inc., and Enenstein & Ribakoff. Currently operating at roughly 91 percent occupancy, 233 Wilshire is located in an area that attracts about 15 million visitors each year, and offers proximity to approximately 375 food, retail, and entertainment venues within a one-mile radius.
Image courtesy of Yardi Matrix